The last time that I picked up a hard copy newspaper was because I was in it. I consume almost all of my news online, and I don’t even have much loyalty to a particular source. I guess it’s people like me who have ruined the news business, but I’m not going to change. The news businesses that adapt and innovate are the ones that have the best shot of being around in a decade. Digital First Media might be one of them. They are a New York, NY based group of companies that has more than “800 multi-platform products” that reach “61 million Americans each month across 18 states.” They’re still all about the news, but they realize that an outlet can only continue to put out quality content when it is backed by a solid business.
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Now that I’ve lived in Chicago for three years, I’m starting to feel more like a part of the Chicago business community. And a big piece of being a part of a community is keeping up on your local news. I rely a lot of sources, but I’ve found that Crain’s Chicago Business consistently does great reporting on the Chicago business scene. Crain’s Chicago Business is published by Crain Communications, which is “one of the largest privately owned business publishers in the U.S., with more than 27 leading business, trade and consumer publications and related websites in North America, Europe and Asia.” Crain is headquartered in Detroit, MI, but their publications are headquartered in a variety of places. Crain was founded in 1916 by GD Crain Jr., and it remains a family owned business to this day despite a few bumps in the road that would be expected for any company in the publishing industry (like layoffs a couple of years ago).
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Ten years ago, who would have thought that both major and local newspapers would be losing money, and small no-name online publishers would be raking in millions of dollars? We all know that the Internet has changed the way that information is distributed and consumed, but far fewer people are aware of the economics behind it all. Newspaper advertising was all about offering the chance to be seen. The Internet came along and now you can know how many views, clicks, and purchases your advertising dollars delivering. There’s still a ton of value in the content that traditional newspapers are producing, but many of them have failed to figure out how to make producing that content profitable in the Internet age. Seeing Interactive is an Austin, TX based company that hopes to change that. They provide web-based products to publishers that cost nothing up-front while guaranteeing customers new revenue. It sounds a little crazy, but it sounds to me like Seeing Interactive has productized what a “web monetization consultant” (if such a thing exists) would do.
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I honestly can’t tell you when the last time that I picked up a newspaper was. It’s not that I’m sequestering myself from current events, it’s just that I do most of my media consumption online because it’s so easy. Obviously, attitudes like mine are causing a lot of distress in the newspaper industry, but I think there’s still a great business in delivering quality content. One area where online media kicks traditional media’s butt is in grabbing eyeballs. Sensationalism sells, and most newspapers still haven’t grasped that. However, tabloids, especially those based in New York, have always known how to get attention. That’s why there’s a good chance that I’ll pick up a copy of the New York Daily News if it’s sitting on a table at the coffee shop that my parents like to take me to back in Connecticut (where I’m headed this morning). It may not be the most reliable source for information or the most academic, but you have to love the fact that the New York Daily News understands the psychology of its readers and uses that knowledge to convince them to read. It doesn’t matter how great the writing is if nobody reads it.
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Since I moved to Chicago a year and a half ago, I don’t think I’ve picked up a newspaper more than a handful of times. However, when I lived in Connecticut I was often reading both the daily regional local newspaper and the bi-weekly super local newspaper for my town. It was always fun to see which of the kids from my elementary school class got arrested in a given week (don’t act like you don’t read the Police Reports first). I often forget how many local newspapers are out there and how many jobs they provide. It may be an industry in flux (or on its way out depending on how you look at it), but it’s still a great place to start your career. This morning I noticed that Twitter was abuzz with word of a paid internship with the Everett Daily Herald (that’s Everett, WA), so I figured that we’d take a look at it.
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We often put journalism on a pedestal. We trust our for-profit news outlets to cover everything important, but how do we know that they’re doing a good job? In an age where making money from news is getting harder and harder, it’s obvious that many media outlets have resorted to covering what drives eyeballs instead of what’s important. This isn’t really a new development, but it seems to be getting worse. Investigative journalism is dying a slow, painful death, and sensationalist, opinion-based journalism is taking over. Clearly that’s where the money is, so if we want to hear about stories with “moral force,” we’re going to have to look somewhere else. ProPublica is “an independent, non-profit newsroom that produces investigative journalism in the public interest” based in Manhattan. They realize that investigative reporting has become a luxury that many newspapers can’t afford, so they’ve taken it upon themselves to save the art. They haven’t been around 2 years yet, and they already have ” a newsroom of 32 working journalists, all of them dedicated to investigative reporting on stories with significant potential for major impact.”
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It feels pretty good to be talking about a Boston based newspaper today knowing that they have to report on another trip to the World Series for the Yankees; although, I’m sure they’d much rather be publishing stories on what Dustin Pedroia and Jonathan Papelbon are doing during their offseason (possibly watching the World Series from their couches). Now that I’ve gotten in my dig at Red Sox fans, we can take a look at The Boston Globe, Boston’s most widely read newspaper. The paper is owned by the New York Times and has an excellent web presence at Boston.com. Much like other newspapers the Globe has had significant financial struggles, and The New York Times even threatened to shut the paper down if the paper’s union didn’t accept major concessions. Apparently those problems have been worked out, and The Boston Globe is now on more stable ground. At least that’s what the fact that they’re hiring would indicate.
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